Former Goldman Sachs director Rajat Gupta, 63, who was sentenced to two years in prison on Wednesday by a Manhattan federal court for insider trading, has said that the ‘devastating’ verdict that was passed had destroyed the reputation that he had built over a lifetime.
In a statement made soon after the sentencing was announced, Gupta said:
I regret terribly the impact of this matter on my family, friends and the institutions that are dear to me. I have lost my reputation I built for a lifetime. The verdict is devastating.
Gupta’s sentence is in line with more moderate prison terms handed down by Judge Rakoff in other recent insider trading cases. The judge summarised how most people view Gupta who rose swiftly through the ranks of corporate America and gave back generously to the world. (Read more)
“I think the record, which the government really doesn’t dispute, bears out that he is a good man,” said Judge Rakoff during the hearing.
“But the history of this country and the history of the world, I’m afraid, is full of examples of good men who do bad things,” added the judge.
Gupta is scheduled to report to prison on 8 January 2013. He was also ordered to pay a $5 million fine. He would face one year of supervised release after finishing his prison term.